Philippines: Oilseeds and Products Annual

The Philippines is the largest market for U.S. soybean meal (SBM) and the world’s top coconut oil (CNO) exporter. The country is also a major palm oil market for neighboring ASEAN countries. The continued spread of African Swine Fever (ASF), combined with the economic downturn from COVID-19, will lead to a decline in overall meat demand and consequently feed consumption in MY 21/22. As a result, SBM imports for MY20/21 are lowered 5 percent to 2.75 million MT from the previous year, while MY21/22 imports are forecast to remain flat. CNO production in MY21/22 is expected to grow nearly 5 percent from the previous year, boosted by favorable rains in 2020. Exports of CNO during the same period, however, are likely to decline by over 5 percent due to logistical challenges from COVID-19. The Philippine Coconut Authority's recommended increase to the biodiesel blend mandate from 2 to 3 percent remains pending; if approved, it would boost CNO industrial consumption.

Philippines: Oilseeds and Products Annual